Gladstone's vacancy rate has dropped five times since peaking at 7.7 per cent at the end of 2013 and now sits at 3.8 per cent.

Looking at the figures for Mackay, Rockhampton and Gladstone it is too soon to call this anything other than what it is - a glimmer of hope that a turnaround is imminent. Unemployment was also easing in Mackay and Bundaberg was stabilising, according to their local agents.

Townsville's ongoing unemployment levels continue to have a negative impact on the rental market with the vacancy rate up since the start of the year. However towns that depended on mining were now finding the rental market had eased tremendously.

Bowen and Moranbah in particular are seeing a significant oversupply of rental properties, which is behind the high vacancy rate for their respective regions overall.